Picasso dealer donates £1.25m to charities

An art dealer has given £1.25 million to charity after selling the world's most expensive Picasso print.

Dr Frederick Mulder, from Belsize Park, sold an impression of La Minotauromachie, an etching made in 1935, in New York for $3 million (£1.51 million).

He then gave most of the proceeds to environmental and Third World good causes.

Dr Mulder had owned the print, one of just 50 in the world, for 10 years before deciding to sell it and give 75 per cent of the money to charity.

He said: "I found myself in the position of just having sold the world's most expensive printed image in the form of Picasso's La Minotauromachie, in which Picasso contemplates a future of personal change.

"I had owned the object for many years and although it was a wrench to let it go I realised that, just as the print's imagery addressed the issue of a chaotic future, the assets the sale generated could also be used to address our chaotic future.

"I could use the profits for the issues I felt strongly about, in particular climate change, conflict prevention and Third World development." Dr Mulder, 64, added: "This is going to give sight to people, educate people and help charities working on climate change.

"One doesn't like to be too dramatic but all of this is as satisfying as having any work of art."

The money will be channelled into the The Funding Network, a charity Dr Mulder helped set up to encourage affluent people to donate. From there it will be given to international charitable projects.

Dr Mulder added: "I am under no illusions that this gift alone will transform the world but I believe that every investment in good people working on important issues helps to change the world in some way."